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Copper Gains, Precious Metals Mixed

April 3, 2019 at 17:51 by Vladimir Vyun

US employment data released today was disappointing, putting pressure on the US dollar. Automatic Data Processing reported that US employers added just 129,000 jobs in March versus expectations of 184,000. Usually, bad news from the USA and weak dollar help precious metals. But that was not necessarily the case today as metals showed very divergent performance. Gold for delivery in June was about unchanged at $1,295.3 per troy ounce as of 17:26 GMT on COMEX today. May contract for silver gained 0.23% to $15.1 per ounce. Spot price for platinum jumped as much as 2.08% to $869.06 per ounce, while palladium tanked 1.71% to $1,408.97 per ounce.

Meanwhile, copper and other industrial metals gained, bolstered by the recent positive macroeconomic reports in China, manufacturing data in particular. Additionally, signs that the United States and China are close to reaching a trade deal were also helping the commodities. Copper also had support from the news that protesters in Peru refused to end the blockade of the road that leads to the Las Bambas copper mine, which accounts for about 2% of global production of the industrial metal. Contract for delivery of copper in May jumped 1.34% to $2.9445 per pound on COMEX today.

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